Mortgage calculator (Canada)
Estimate mortgage payments the Canadian way: interest compounded semi-annually, with bi-weekly and accelerated options and a minimum down-payment check.
■ Principal ■ Interest
Year-by-year schedule
| Year | Paid | Principal | Interest | Balance |
|---|
Calculated in your browser. This is an estimate, not financial advice; your lender’s figures are final.
Calculators
Why Canadian mortgages are different
Under the federal Interest Act, fixed-rate Canadian mortgages quote interest compounded semi-annually, not monthly. That makes the effective rate slightly lower than the same number compounded monthly. Variable-rate mortgages may compound monthly; check your agreement and switch the compounding above if so.
Minimum down payment
Since 15 December 2024 the minimum down payment in Canada is 5% of the first $500,000, plus 10% of the portion from $500,000 to $1,499,999. Homes of $1.5 million or more need at least 20% down. With less than 20% down you also need mortgage default insurance (such as CMHC), whose premium is added to the loan — this calculator doesn’t include it. Confirm current rules with the Financial Consumer Agency of Canada.
Accelerated bi-weekly payments
An accelerated bi-weekly payment is half the monthly payment, paid every two weeks. Because there are 26 bi-weekly periods, you make the equivalent of one extra monthly payment each year, which can take years off a 25-year amortization.
The payment formula
payment = P × r ÷ (1 − (1 + r)−n), where P is the amount borrowed, r is the interest rate per payment period and n is the number of payments.
When interest compounds at a different frequency from your payments, the periodic rate is r = (1 + annual ÷ c)c ÷ p − 1, with c compounding periods and p payments a year.
Frequently asked questions
Is this calculator accurate for my bank?
It uses standard amortization maths, so it should be within a few cents of a lender’s quote for the same rate, compounding and frequency. Fees, insurance and rounding rules can differ.
What is semi-annual compounding?
Interest is calculated twice a year rather than monthly. Canadian fixed-rate mortgages are required to disclose rates this way.
What is amortization?
The total time it takes to pay off the loan if you keep making the same payments. A mortgage term (say 5 years) is usually shorter than its amortization (say 25 years).
Does this include property tax or insurance?
No. It covers principal and interest only.